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CONSOLIDATED STATEMENTS OF INCOME (UNAUDITED) - USD ($)
$ in Thousands
3 Months Ended 9 Months Ended
Sep. 30, 2023
Sep. 30, 2022
Sep. 30, 2023
Sep. 30, 2022
Real Estate:        
Lease revenues $ 369,159 $ 331,902 $ 1,090,619 $ 953,981
Investment Management:        
Revenues 448,553 383,622 1,328,921 1,076,457
Operating Expenses        
Depreciation and amortization 144,771 132,181 444,728 362,654
Operating property expenses 26,570 9,357 74,738 15,335
General and administrative 23,258 22,299 74,494 66,224
Reimbursable tenant costs 20,498 18,874 62,997 52,538
Impairment charges — real estate 15,173 0 15,173 26,385
Property expenses, excluding reimbursable tenant costs 13,021 11,244 31,164 36,874
Stock-based compensation expense 9,050 5,511 25,811 23,102
Merger and other expenses 4,152 17,667 5,595 17,329
Reimbursable costs from affiliates 97 344 322 2,414
Impairment charges — Investment Management goodwill 0 29,334 0 29,334
Total operating expenses 256,590 246,811 735,022 632,189
Other Income and Expenses        
Interest expense (76,974) (59,022) (219,658) (151,492)
Earnings from equity method investments 4,978 11,304 14,569 23,477
Non-operating income 4,862 9,263 13,997 23,783
Other gains and (losses) 2,859 (15,020) 9,593 (1,021)
Gain (loss) on sale of real estate, net 2,401 (4,736) 181,958 37,631
Gain on change in control of interests 0 33,931 0 33,931
Total other income and expenses (61,874) (24,280) 459 (33,691)
Income before income taxes 130,089 112,531 594,358 410,577
Provision for income taxes (5,090) (8,263) (30,338) (21,598)
Net Income 124,999 104,268 564,020 388,979
Net loss attributable to noncontrolling interests 41 660 20 622
Net Income Attributable to W. P. Carey $ 125,040 $ 104,928 $ 564,040 $ 389,601
Basic earnings per share (in dollars per share) $ 0.58 $ 0.52 $ 2.64 $ 1.98
Diluted earnings per share (in dollars per share) $ 0.58 $ 0.51 $ 2.63 $ 1.98
Weighted-Average Shares Outstanding        
Basic (in shares) 215,097,114 203,093,553 214,052,907 196,382,433
Diluted (in shares) 215,252,969 204,098,116 214,427,425 197,264,509
Real Estate        
Real Estate:        
Lease revenues $ 369,159 $ 331,902 $ 1,090,619 $ 953,981
Income from finance leases and loans receivable 27,575 20,637 75,641 56,794
Operating property revenues 49,218 21,350 140,780 30,279
Other lease-related income 2,310 8,192 20,723 24,905
Investment Management:        
Operating property revenues 49,218 21,350 140,780 30,279
Revenues 448,262 382,081 1,327,763 1,065,959
Investment Management        
Real Estate:        
Operating property revenues 291 1,541 1,158 10,498
Investment Management:        
Operating property revenues 291 1,541 1,158 10,498
Operating Expenses        
Impairment charges — Investment Management goodwill   29,300   29,300
Investment Management | Asset management revenue        
Real Estate:        
Operating property revenues 194 1,197 836 8,084
Investment Management:        
Operating property revenues 194 1,197 836 8,084
Investment Management | Reimbursable costs from affiliates        
Real Estate:        
Operating property revenues 97 344 322 2,414
Investment Management:        
Operating property revenues $ 97 $ 344 $ 322 $ 2,414